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XRP Senior trader Peter Brandt focuses on XRP: Cup handle shape suggests potential continuation
Senior trader Peter Brandt turned his attention to XRP after releasing a chart. The chart hints at the continuation of the potential "Cup-and-Handle" pattern. Brandt made his point by combining the price structure with the coffee cup image and highlighted the key resistance level of $1.6572.
XRP's recovery and key price
XRP has rebounded significantly, recovering sharply from a low of nearly $1.00 in August, and the price has now risen to about $1.52. The first phase of this recommended pattern began with a strong breakout in August that pushed XRP prices closer to $1.70, followed by a broad market correction that dragged prices down to $1.27 by mid-September.
Brandt pointed out that the recent rebound in prices towards the US$1.60 - 1.65 range and the subsequent stable trading around US$1.50 constitute the "handle" of the cup-handle pattern. However, the key to confirming this bullish structure is whether it can decisively break through the outlined resistance level of $1.6572 in Brant's analysis.
Bullish technical indicators
Review of daily charts supports potential bullish interpretations. XRP continues to remain above multiple key moving averages. Short-term support appears solid around $1.45, while a set of long-term moving averages are clustered between $1.35 and $1.40. The previously dominant downtrend line has been broken, removing the main technical barrier that limited XRP's performance in September.
Momentum indicators show that buyers still have room to operate. The Relative Strength Index (RSI) remains in a neutral and bullish territory, which contrasts with the overbought levels recorded during the August breakout period. The XRP remains above the key moving average, while momentum is healthy and the RSI remains more neutral, indicating buyers have the ability to drive another rally if resistance is breached.
Key resistance and potential breakthroughs
The US$1.65 - 1.66 range is becoming an insurmountable obstacle. Multiple price rejections, especially the upper shadow line near the area, indicate continued selling pressure. Analysts believe a strong daily close above $1.6572 is needed to confirm the setting of the cup handle shape and shift the focus back to the previous August high of $1.70. If this happens, attention may turn to the psychological $2.00 barrier.
If XRP cannot clear resistance, it may continue to fluctuate within the current trading range. Preliminary support is seen at $1.48-$1.50, with deeper support at $1.45. Falling below these thresholds could negate the formation of handles and cause prices to fall back into the $1.35 - 1.40 region.
目前，布兰特的视觉呈现将该局势比作一个咖啡杯：一个尚未完成的设置，等待在1.65美元上方出现决定性 movement（动向）。
小词典
彼得·布兰特（Peter Brandt）：一位著名的商品和加密货币交易员及分析师，因其基于图表的市场分析和模式识别的悠久历史而在金融界受到广泛关注。
